This presentation by a mining company provides an overview of its operations and growth prospects. It discusses its producing Summit Gold-Silver Mine, potential acquisition of the Mogollon Gold-Silver Project which could double its resources, and Ortiz Gold Project which has over 1.7 million ounces of historical gold resources. The presentation highlights the company's transition to producer status, increasing cash flow outlook from its assets, low cost of production, and pursuit of strategic acquisitions and a senior stock exchange listing to further create shareholder value.

1. Management Presentation September 2012

2.  This presentation includes forward-looking statements that are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these
statements are made to convey to the public the company's progress, business opportunities
and growth prospects, readers and listeners are cautioned that such forward-looking
statements represent management's opinion. Whereas management believes such
representations to be true and accurate based on information and data available to the
company at this time, actual results may differ materially from those described. The
company's operations and business prospects are always subject to risks and uncertainties.
Important factors that may cause actual results to differ are set forth in the company's
periodic filings with the US Securities and Exchange Commission.
 Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission
permits mining companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can legally extract or produce. We use certain terms in this
presentation, such as “resources”, “geologic resources”, ”measured”, ”indicated” and
“inferred”, that the SEC guidelines strictly prohibit us from including in our filings with the
SEC. U.S. investors are urged to consider closely the disclosure in our latest Form 10-K and
other reports filed with the SEC. You can review and obtain copies of these filings from the
SEC’s website at http://www.sec.gov/edgar.shtml.
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3. Table of Contents
I. Corporate Overview
II. Asset Portfolio
III. Summit Gold-Silver Mine
IV. Strategic Acquisition: Mogollon Gold-Silver
V. Ortiz Gold Project
VI. Investment Summary
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5. Investment Highlights
 Santa Fe is a U.S. mining and exploration company that
develops primarily silver and gold properties:
 Summit Gold-Silver Mine, New Mexico
▪ Revenue of $6.4 million generated in FYE June 30, 2011
▪ Revenue of $8.1 million generated in nine months ended March 31, 2012
▪ Revenue of $3.7 million generated in three months ended March 31, 2012
 Lordsburg, New Mexico Mill is a strategic asset with spare capacity
▪ Permitted mill can handle a variety of ore types and is centrally located with respect
to surrounding historic mining districts and favorable infrastructure
 Potential acquisition of Mogollon Gold-Silver project, New Mexico
▪ Strategic acquisition that would potentially double silver and gold resources for
processing at the Company’s Lordsburg mill
 Ortiz Gold Project, New Mexico
▪ Measured & Indicated historical gold resource of 1.1mm ounces , inferred 0.7mm ozs
▪ Excellent potential for development as a low cost gold producer
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6. Ticker OTCBB: SFEG (As of Sept 2012)
Shares Outstanding 117 million
Warrants & Options 28 million
Fully Diluted 145 million
Management ownership 12%
Market Cap $35 million
Volume (90 day average) 150,000
52-week Range $0.28 - $1.23
Employees 70
Working Capital at March 31, 2012 $0.6mm
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7.  Financing with Waterton Global Value, LP
 $10mm drawn down: $5mm used to repay short term debt, remainder
for working capital
 Terms: Repayment over30 months, 6 month grace period, 9% interest
 Gold and silver sales agreement
 Conversion of $13.5 million of convertible debt
 Sulane Holdings Inc. converted $13.5 million of convertible debt in
December 2011
 Conversion price was $1.00 per share, a premium over December
trading prices
 Net effect of the financings
 Eliminated short term debt, provided working capital, strengthened
balance sheet
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8.  Unit offering to shareholders
 Unit price $0.30. Each Unit consists of one share of Santa
Fe common stock and one three-year warrant having an
exercise price of $0.40 per share.
 Registered under Santa Fe’s S-3 shelf registration
statement.
 The offer closed in August 2012.
 $1.8 million raised
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9. Rationale behind the Spin Outs – Creating Value
Santa Fe Gold
Corporation
Santa Fe Owned
(OTCBB:SFEG)
Potential Acquisition
100% 100% 100%
Lordsburg Mining Ortiz Other Non-Core Mogollon Gold Silver
Company Gold Project Mineral Properties Project
100% 100%
Summit
Lordsburg Mill Drilled resource
Gold-Silver Mine
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10. Santa Fe has an experienced management team to lead the company’s growth.
 W. Pierce Carson, PhD. President and CEO: Joined Santa Fe in 2003
 40 years worldwide mining and public company experience with Exxon
Minerals, Kennecott Copper, and Nord Pacific
 Past president of companies listed on NYSE, NASDAQ, TSE and ASX
 MS and PhD in Economic Geology, Stanford; AB in Geology, Princeton
 Michael P. Martinez, CPA. CFO and Treasurer: Joined Santa Fe in 2008
 20 years experience in public and private accounting and financial
management
 10 years as financial Officer for global aerospace manufacturing company
 BS in Business Administration, University of Arizona
 Ryan P. Carson, JD. Secretary and Assist Treasurer : Joined Santa Fe in 2005
 10 years general and corporate legal experience
 BS Biology, University of New Mexico; JD, Southern Methodist University
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11. Santa Fe has an experienced management team to lead the company’s growth.
 John L. White. Vice President Operations: Joined Santa Fe in 2012
 32 years experience in development & operation of underground, open pit
mines, in mineral exploration and in construction.
 Senior management experience as VP with St. Cloud Mining and Salls
Brothers Construction; formerlyTexas Gulf, Inc. and Exxon Minerals USA
 BS Geology, University of Washington; MS Geosciences, University of Arizona
 Erland A. Anderson. Technical Manager Mining: Joined Santa Fe in 2010
 40 years experience mine management & technical services, N. & S. America
 Senior management positions with St. Joe Resource Co. and Nord Resources
Corp; Manager of US Operations for A.C.A. Howe International
 AAS Civil Engineering, Michigan Technological Institute
 Patrick S. Freeman. Acting Manager Ortiz Project: Joined Santa Fe in 2008
 40 years experience mine construction and management
 President St. Cloud Mining 1987-2007; formerly Texas Gulf, Inc.
 BS Geology, Monmouth College
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12.  W. Pierce Carson, PhD. Chairman, President and CEO
 40 years worldwide mining and public company experience with Exxon
Minerals, Kennecott Copper, and Nord Pacific
 Successful track record in exploration, development and operations
 Past president of companies listed on NYSE, NASDAQ, TSE and ASX
 MS and PhD in Economic Geology, Stanford; AB in Geology, Princeton
 John Frost Director
 50 years international mining experience
 Credited with the discovery of 40 commercial mineral deposits
 Past President of Exxon Minerals International;
 MS and PhD in Geology, Stanford; BS in Mining Engineering, Stanford
 Erich Hofer Director
 30 years diverse international business experience
 HFE MAC LLC provides management and financial advisory services
 MBA, University of Chicago; three degrees in engineering & economics
from universities in Switzerland
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14. Summit Mine, New Mexico Ortiz Gold Project, New Mexico
 Processing commenced in Q2 2010  Historical resource of 1.7mm oz gold
 Commercial production in Q2 2012  NI 43-101 report underway
 Production ramp-up underway  Permitting estimated 2 years
 Substantial exploration potential  Production as early as 3 years
Lordsburg Mill, New Mexico Proposed Strategic Acquisition
 Significant excess capacity  Potential acquisition of Mogollon
 Increase in throughput expected: gold-silver mining district
 Ramp-up of ore production from Summit  Increase supply of ore to Lordsburg
Mine Mill from Mogollon property
 Proposed acquisition of Mogollon Project  Highly prospective exploration assets
 Historic Lordsburg Mining District
 Other ore sources within trucking distance
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16. Santa Fe’s attention to low costs and US mine locations position it for long-term strength.
Summit Gold-Silver Probable Reserve
Tons (000s) 618
Silver Grade (opt) 10.780 Ag Oz (000s) 6,663
Gold Grade (opt) 0.143 Au Oz (000s) 88
Gold Equiv Grade (opt) 0.349 Au Equiv Oz (000s) 200
Production Ramp-up
 Commercial production commenced Q2 calendar 2012
 Revenues expected to increase as higher grades are reached over next 18 mos
 Lordsburg Mill is producing a marketable, high value Au-Ag concentrate
 Sales contract with European Smelter: Aurubis AG, Germany
 Sales contracts with Arizona Smelters: Freeport McMoRan; Asarco
 Initial production of approximately 1,000 gold equivalent ounces per month
building to 2,400 gold equivalent ounces per month
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17. Production Parameters
 Underground mining using rubber
tired equipment and decline access
 80% metallurgical recovery
 5-10 year life of mine
 57 miles to Lordsburg Mill
Exploration Potential
 Excellent potential to expand
reserves/resource through further
drilling
 Further targets to be identified
through mining
 Further targets in the northwest of
license area identified through
preliminary drilling
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18. In May 2011 Santa Fe completed a Technical Report on the Summit Mine,
yielding the following conclusions1:
 Capital Cost: $18.5 million (now completed)
 Average Cash Cost (5 years): $364/oz Au Equiv
 Average Operating Cost (5 years): $84.50/ton
 Revenue (5 year average): $28.5 million/yr
 EBITDA (5 year average): $18.0 million/yr
 Payback: 2 years
 IRR: 66%2
1 Pricing Assumptions:
 Gold: $1,000/oz
 Silver: $16.67/oz
2 $60 million of tax loss carry-forwards to be applied to Summit 18

19. Mine Life
5 Yr 10 Yr
$1000 Gold; $16.67 Silver (in millions)
Revenues $144 $288
EBITDA $91 $186
$1400 Gold, $23.33 Silver
Revenues $201 $402
EBITDA $149 $302
* Economics based on Technical Report by Chapman Wood and Griswold, Inc., May 2011
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21.  Santa Fe is negotiating to purchase Mogollon Gold-Silver Project
 Synergies of the acquisition include:
 Mogollon project is within trucking distance (approx 100 miles) from Santa Fe’s
Lordsburg Mill, which has spare capacity
 The Mogollon acquisition would potentially more than double the supply of
ore to the mill
 Production would require development of new underground mine
 Primary Asset: Mogollon Gold-Silver District, New Mexico:
 Past Production: 15.7 million ounces of silver; 327,000 ounces of gold
 45 miles of vein length available – only 3 miles developed so far
 Drilling program planned for 2013
 Initial target 60 million ounces silver (1 million ounces gold equiv)
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22.  Initial Target: Consolidated Mine (Mogollon District)
 1980’s drilled resource: 845,000 tons grading 9.35 oz/t Ag and 0.15 oz/t Au;
open along strike and at depth
 Drilling program planned for 2013
 Underground exploration/development program planned 2013
 Initial production possible within three years
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24. 24

25.  Resource Estimate
 1.7m “non-compliant” historical ounces
 $40mm spent on exploration in the 1980’s – 1990’s
Measured & Indicated* Inferred*
(0.01 opt Tons Grade Au Oz Tons Grade Au Oz
cut-off) 000s opt 000s 000s opt 000s
Carache 10,985 0.058 637 13,041 0.067 483
Lucas 12,683 0.033 419 6,397 0.028 179
Total 23,668 1,056 19,438 662
 Production Potential
 Historical production in excess of 350,000 ounces of gold
 Future production anticipated as early as 3 years
 Open pit mining at 3mm tons/yr to be processed through crushing, milling and gravity recovery
 Litigation settled
 Settlement with Ortiz Mining Inc. confirmed Santa Fe’s exclusive mineral lease rights.
 Next Steps
 NI 43-101 Technical Report: Resource statement and preliminary economic assessment.
 Permitting: Complete technical work and environmental studies
* Non-NI 43-101 compliant and should not be relied upon; Santa Fe does not treat it as current. 25

27.  Santa Fe is successfully making the transition from an exploration to a
producing company
 Profile of increasing cash flow beginning with Summit (2012), followed by
Mogollon (2015) and Ortiz (2017)
 Low estimated cost of production from all mines
 Lordsburg Mill is a strategic asset for new ore sources
 Mogollon acquisition would build gold & silver asset base
 Ortiz Gold Project potentially a “company maker”
 Pursuing strategic acquisitions and/or mergers
 Listing on AMEX or other senior exchange a priority
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28. Thank You!